Mr. David Barnard reports

BITFARMS ANNOUNCES CLOSING OF C$60 MILLION PRIVATE PLACEMENT WITH U.S. INSTITUTIONAL INVESTORS

Bitfarms Ltd. has closed its previously announced private placement of equity securities. The offering was for gross proceeds of approximately $60-million (Canadian) and consisted of the sale of 44,444,446 common shares, along with warrants to purchase an aggregate of up to 22,222,223 common shares, at a purchase price of $1.35 (Canadian) per common share and associated one-half warrant. The warrants have an exercise price of $1.61 (Canadian) ($1.17 (U.S.)) per common share and exercise period of three years (through Nov. 28, 2026). The funds were raised via a fully subscribed private placement of equity securities among U.S. institutional investors.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The net proceeds of the offering will be used by the company principally to acquire additional miners, expand infrastructure and improve its working capital position.

The securities issued under the offering are subject to customary resale restrictions in the United States with no resale restrictions in Canada.

No securities were offered or sold to Canadian residents in connection with the private placement. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release shall not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global, publicly traded bitcoin mining company that contributes its computational power to one or more mining pools from which it receives payment in bitcoin. Bitfarms develops, owns and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service and multiple on-site technical repair centres. The company's proprietary data analytics system delivers best-in-class operational performance and uptime.

Bitfarms currently has 11 farms, which are located in four countries: Canada, the United States, Paraguay and Argentina. Powered by predominantly environmentally friendly hydroelectric and long-term power contracts, Bitfarms is committed to using sustainable, locally based and often underutilized energy infrastructure.

We seek Safe Harbor.